Saturday, March 23, 2013

Philippines could be next Singapore, Bahraini execs say

Bahraini businessmen are looking to the Philippines as more than just a source of labor, but also a viable investment destination, a visiting member of the royal family of Bahrain said on Friday.

“We’re looking at the Philippines’ potential, with promising economic growth, to make it a top destination for trade and investment,” Shaikh Abdullah Bin Khalifa Al Khalifa told participants of the pre-business summit orientation for the upcoming 1st Arab-Philippines Business Summit.

Shaikh Abdullah is a first cousin of King Hamad Bin Isa Al Khalifa of the Kingdom of Bahrain and sits on the board of a Bahraini holdings firm.

An estimated 50,000 Filipinos work in Bahrain, but is ranked only 79th as the Philippines' trading partner, 65th as export destination, and 101st as source of imports.

“The government of Bahrain and the royal family is looking at the Philippines as the next Singapore, because of the Filipinos’ aptitude as well as our country’s natural resources. For them, this makes our country the prime candidate for business and economic ties with their private and government organizations,” Bahrain World Economic Summit (Philippines) Inc (BWESPI) chairman Roa Jacob Sevilla said in a statement.

BWESPI is the local partner of Bahrain World Economic Summit, an investment and consulting company that promotes the Bahraini business sector.

“In the Philippines, Middle East investors are most likely to invest in infrastructure and agriculture,” said BWESPI spokesman Edward Keith G. Capoy.

BWESPI is behind the Arab-Philippines Business Summit 2013, which will be held in Manama City, Bahrain in May. The summit aims to boost trade and investments between the Philippines and the member-countries of the Gulf Cooperation Council, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

“A wide array of businesses will be covered in the summit, including infrastructure and geo-resources, real estate, tourism, manpower, skills, handicraft, agriculture and the food industry,” BWESPI said.-Interaksyon (March 23, 2013)

No comments: